Hi K.
You have a lot of responses and it's a topic many people feel strongly about. I thought I would share my experience since I have had 4 kids, the first 2 by more "conventional" methods, the most recent 2 by more "traditional" methods. I am a low risk pregnancy and am in good health. Babies born when I was 23, 26, 38 and 40.
The first baby was born in a hospital. Not a terrible experience, but not one I wanted to repeat. Episiotomy, hooked to IV, only ice allowed by mouth, no moving from bed during birth, dictated birthing position, baby was "delivered" (not caught), then baby was washed, tended and given shots by nurses and kept in a nursery until I requested him, lots of light, lots of noise, surrounded by strangers, photographed with a flash for a "keepsake." The whole business (and it IS a business) was not me and not comfortable.
Second baby was born in a birthing center. Labor started and progressed so quickly that the baby would have been born in the car since we arrived at the birth center well before the midwife, who then insisted I run up two flights of outside stairs half naked in the middle of the night (it was early March and very cold) to get to the birthing room which was unheated because it was the middle of the night. Midwife was ok, but a bit brusque and tended to all the details (generously allowed husband to cut the cord). Not so many interventions, baby still got eye drops and a vit k shot I didn't want (research has shown this can lead to excessive jaundice, which our baby DID have) Better birth but still not comfortable and not one I wanted to repeat.
Third baby we had prenatal care by a midwife and told her we wanted a husband-only assisted homebirth. MUCH, MUCH better birth. At home, in bedroom, very peaceful, very intimate, very joyous, husband helped prepare and did all the clean up. Uneventful birth although we were somewhat nervous.
Fourth baby was breech that did not turn. Local obstetrican offered to "turn" the baby but my instincts told me this was how the baby was meant to be. Turns out she had a very short umbilical cord and manually turning her would have been dangerous. Our prenatal midwife agreed to attend a home birth but I knew she would transfer us to hospital because of the liability issues she was facing. I labored in water in the dark bathroom alone (I prefer to be alone during labor so I didn't wake my husband). My husband woke up as the baby was emerging, got panicky and insisted I get out of the tub and turned on the lights. The contractions then slowed (think how hard it is to pee if someone were to burst in the bathroom) and the baby was half in/half out for a a couple minutes before being born. For breeches the danger in being partially born is that it puts pressure on the cord which limits oxygen transfer to the baby. This is why almost no obstetricians will allow a vaginal breech birth and very few even know how to attend one. Breech vaginal babies tend to have lower APGARs immediately after birth, but then APGAR normalize and the babies are fine. Our baby was born, breathed immediately and was fine. This may sound like an unacceptable risk, but you need to weigh it against the risks of C-section and hospital birth, which are not trivial. I know of at least 2 individuals who were severely harmed by hospital birthing/interventions. One mom (my stepsister) died, the other is a child who acquired a hospital-associated infection and was mentally disabled.
Bottom line is that the home births were preferable for me. We had ample time to make a decision about where to birth our breech baby. We did not encounter any sudden emergencies that we would have been unable to handle outside a hospital. The reality is that most emergencies occur with higher risk pregnancies which can be screened ahead of time. Other complications that develop during delivery are usually accompanied by warning signs that would indicate a hospital transfer. Examine how other countries (the Netherlands, for example) handle birth. Do your homework and learn as much as you can, but trust your instincts and respect your body and its ability to birth your child.